Mistakes Made when Leasing Office Space
Leasing office space is a major decision and an expensive endeavor too; so it's important to take the time to get qualified advice, weigh up your options and ensure you go about the process in the right way. To help you through the process, read up on these common mistakes made by businesses when leasing office space, and take note of our practical tips to help you avoid them:
Hasty Decisions
You wouldn't rush into a house purchase on a whim, so neither should you when it comes to leasing office space. Many businesses don't allow enough time to view the right number of properties, compare what's on the market or have enough time to make the right leasing choices. By planning your office move far enough in advance, you should be well placed to avoid these pitfalls and secure the space that's best for you.
Going Alone
Leasing office space is a complex process. Not only do you need to be familiar with what's on the market and the rents that are being achieved, you also need to understand the intricacies of negotiating office lease agreements. Be sure to hire a Tenant Rep Broker who understands the available space options and can negotiate a good lease arrangement on your behalf.
Undefined Space Requirements
There's a famous quote by a guy called Chuck Palahnuik 'If you don't know what you want, you end up with a lot you don't'. It's amazing how many companies go in search for office space without so much as a list of their basic requirements. Size, location, budget, amenities and facilities are just a few of the top level issues you should be considering before you go touring properties. Use this Office Space Checklist to help you work out your critical requirements so you can brief your Broker accordingly.
Not thinking Ahead
One of the most common mistakes is companies leasing office space without any consideration of the future growth of their company. Whilst it's hard to visualize how big your business is going to be in a few years time, you still need to account for it today whilst you are committing your business to a lease of several years ahead. There's nothing worse than outgrowing your space before the lease expires and then having to move office again.
To help you avoid these common mistakes when leasing office space, hire a Tenant Rep Broker to help you through the process and use the Office Space Checklist to remind you of everything you need to consider.
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